Payments through Quick Response (QR) codes are already a reality in Mexico. They have been circulating for a few years and have become a simple method that gives you the ability to make a purchase without needing a card or using cash.
This sector grows globally; In fact, according to Juniper Research projections, a 300% increase in the use of this payment method is expected over the next five years as more merchants rely on technology. At that rate, the market for QR codes on mobile devices could exceed 5,000 million dollars by 2022 globally, compared to 1,000 million last year.
“In a country like Mexico where, according to the Inegi, almost 70 million Mexicans have a smartphone, the projection to democratize the means of payment and provide more options to customers is wide, which places this method of payment (QR code) as an excellent option for businesses, ”said Antonio Peláez, founder of Dapp, a Mexican firm that allows merchants to charge through these codes.
According to the firm, there are companies that work hand in hand with QR codes and that seek to generate a large ecosystem so that it is wider and reaches the largest possible population using this type of technology, which has been very successful in countries such as China and India, which have had similar phenomena to those in Mexico: low levels of population banking and high smartphone penetration.
“Technology is increasingly present in our day to day; to the extent that the way consumers pay for their products or services is changing, so it is increasingly common to create mechanisms to reduce the use of cash as a means of payment, ”said the director of Dapp.
Dapp said that among the advantages of using QR code payments are providing an affordable, easy and widely adaptable solution to the market problem, since accepting these payments is as simple as generating a code and printing it on a sign.
In addition, he says, customers scan the code and pay with their mobile devices in seconds.
Regarding security, he said that, although there are challenges in the sector, advances have generated confidence, since users do not put their data at risk and can pay with their wallet or trusted application.
Source: El economista